Impressive Growth in Cyprus Tourism Revenue: €223.3m in Q1 2024, Surging 11.7% YoY

Revenue from tourism reached an estimated €223.3m in January–March 2024, rising 11.7% compared to €200m in the first quarter of 2023, Cystat said.

Based on the results of its Passengers Survey, in March, revenue from tourism reached €113m, compared to €97.8m in the corresponding month of 2023, recording an increase of 15.5%.

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The average expenditure per person was €558.88 in March 2024 compared to €530.72 in March 2023 (up 5.3%).

Tourists from the United Kingdom, again Cyprus’ largest tourist market with 31.8% of the total in March, spent on average €73.49 per day, while tourists from Poland, the second largest market with 10.4% of total tourists, spent on average €75.86.

Tourists from Germany, the third largest market with 9.8%, spent on average €98.66 per day, while tourists from Greece with 9% of the market, spent on average €43.37 per day.

Finally, tourists from Israel, the fifth place on the market with 8.2%, spent on average €143.21 per day.

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Societe Generale Bank Cyprus Introduces Four-Day Workweek Under New Labour Agreement

by THEFUTURE.TEAM

March 9, 2026

The Societe Generale Bank – Cyprus has introduced a four-day workweek for employees during July and August under a renewed collective agreement with the banking union ETYK.

Setting A New Standard For Banking Institutions

Societe Generale Bank Cyprus employs around 100 staff members. The new agreement introduces a reduced working schedule during the summer months as part of the collective contract for 2023–2027.

ETYK supported the introduction of the four-day schedule during negotiations for the agreement. Other financial institutions, including Bank of Cyprus, Eurobank Ltd, Alpha Bank, National Bank of Greece (Cyprus), the Housing Finance Organization, the Bankers Association representing personnel, KEIDIPES and several insurance subsidiaries, signed separate agreements with ETYK that do not include a four-day workweek.

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Key Provisions And Broader Implications

The collective agreement introduces a four-day workweek during July and August. Employees will work their regular daily hours across four days on a rotational basis while banking services continue throughout the week.

Additional provisions in the agreement include several benefits for employees. Staff will receive a one-time bonus of €1,500 upon signing the contract, a three-day increase in annual leave, adjustments to salary scales and higher contractual loan limits.

Comparative Analysis With Industry Peers

The agreement differs from arrangements negotiated between ETYK and the Banking Employers Association. Under those agreements, employees received an additional six days of annual leave. The Societe Generale Bank Cyprus agreement provides a three-day increase, bringing total annual leave to 36 days, excluding public holidays.

The bonus structure also differs. Agreements with the Banking Employers Association include a total bonus of €4,500 paid in three installments in 2025, 2026 and 2027. Societe Generale employees receive a single payment of €1,500.

Looking Forward

ETYK said the introduction of a four-day workweek during the summer months reflects discussions about working conditions in the banking sector. The arrangement may contribute to broader discussions about work schedules and employee benefits within the financial industry in Cyprus.

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